The deal would pay Bank's stockholders $65 a share cash, $10 more than Men's Wearhouse initially offered in November, but their gain could mean more job losses in Maryland, where Bank traces its roots to 1905.

The combination of the nation's two biggest men's apparel specialty chains would create a $3.5 billion retail powerhouse with 1,700 stores across the United States and about 23,000 employees that analysts said could compete better with department stores and online sellers.